Dubai-based Five Holdings, a real estate development and hospitality group (previously known as Skai Holdings), has launched Five Hotels & Resorts, a new luxury hospitality brand, under its subsidiary Five Hospitality.

Five Hotels & Resorts will manage Five Holdings’ flagship hotel and residences, the Dh4.3-billion ($1.17 billion) property on Palm Jumeirah Dubai formerly known as Viceroy Palm Jumeirah Dubai.

Five Palm Jumeirah Dubai is currently in its soft opening phase with a formal brand launch event scheduled for October 2017.

“We are pleased to announce the launch of our new hospitality brand, which will operate four hotels and residences in Dubai by 2020. The total value of these projects will be Dh7.2 billion ($2 billion)," said Kabir Mulchandani, chairman and CEO, Five Holdings.

“We believe now is the right time to disrupt the hospitality industry. The people who actually provide a hospitality experience never receive the real benefits while most of the commercial benefits are taken in most cases by operators. This needs to change. There needs to be a much more equitable distribution and we will be introducing this in our hospitality vertical immediately to ensure our philosophy is executed from the heart,” said Aloki Batra, CEO of Five Hospitality.

Five Hotels & Resorts’ philosophy stems from the five elements and is inspired by its guests, its people, the journey, the destinations and everything that stems from that, a statement said.

The launch of Five Hotels & Resorts follows days after Five Holdings unveiled its new corporate identity, also based on the five elements. Previously known as Skai Holdings, the firm’s new name reflects the group’s continued ambition to grow its current property portfolio of $2 billion.

Five Holdings’ real estate portfolio includes Five Palm Jumeriah Dubai; Villa Myra, Villa Pera and Cappadocia in Jumeirah Village Circle; Bahar 4 in Jumeirah Beach Residence; and Skai Residency. The firm is currently building Five Jumeirah Village Dubai, which is set to open in 2018, and manages a $570-million real estate investment trust (REIT), which is regulated by the Abu Dhabi Global Market (ADGM) and Financial Services Regulatory Authority (FSRA). – TradeArabia News Service